Quanex Building Products Announces Second Quarter 2020 Results

June 4, 2020

Balance Sheet & Liquidity Remain Strong
Margin Expansion Realized in NA Fenestration Segment
Management Optimistic About Recovery

HOUSTON, June 04, 2020 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended April 30, 2020.

The Company reported the following selected financial results:

	Three Months Ended April 30,				Six Months Ended April 30,
		2020		2019		2020		2019
Net Sales	$187.5		$218.2		$384.1		$415.0
Gross Margin	$37.7		$46.8		$76.9		$85.1
Gross Margin %		20.1%		21.5%		20.0%		20.5%
Net Income (Loss)	$5.5		($24.0)		$5.5		($27.6)
Diluted EPS	$0.17		($0.73)		$0.17		($0.84)

Adjusted Net Income	$6.4		$6.3		$7.6		$4.0
Adjusted Diluted EPS	$0.19		$0.19		$0.23		$0.12
Adjusted EBITDA	$21.8		$23.4		$37.5		$35.4
Adjusted EBITDA Margin %		11.6%		10.7%		9.8%		8.5%

Cash Provided by Operating Activities	$6.1		$20.4		$2.5		$0.1
Free Cash Flow	($0.9)		$13.6		($13.8)		($12.9)

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

George Wilson, President and Chief Executive Officer, commented, “The first two months of our second quarter were very solid, but, as expected, April proved to be a challenge due to the ongoing COVID-19 pandemic. Despite the volume decline in April, we were able to realize Adjusted EBITDA margin expansion in our North American Fenestration segment and on a consolidated basis.

“As previously disclosed, due to the uncertainty related to the COVID-19 pandemic, we withdrew guidance for 2020 and borrowed against our revolving credit facility as a precautionary measure. Our variable cost structure enables us to flex down as volume dictates to protect margins. As such, we implemented furloughs, reduced shift patterns, suspended all near-term non-essential capital requirements and we are engaged in ongoing discussions with our customers and suppliers with respect to managing working capital. As of today, all of our plants are operational, we have started to recall furloughed employees, our balance sheet and liquidity remain very strong, our dividend is currently safe and volume in May was not as soft as anticipated. We are optimistic about the recovery ahead, but we understand that challenges will persist in the near-term. We have worked hard over the past few years to make sure we have a flexible capital structure and a balance sheet that is strong enough to weather the challenges we are currently facing. As a result of these actions, we believe our Company is well positioned to take advantage of any opportunities that may arise as a result of this pandemic.” (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Second Quarter 2020 Results Summary

The decrease in net sales during the second quarter of 2020 was primarily attributable to softer demand in April related to the COVID-19 pandemic. Volume started to decline in all of Quanex’s manufacturing facilities in late March and the Company’s two manufacturing facilities in the UK were shut down completely on March 25, 2020 in compliance with government orders. (See Sales Analysis table for additional information)

The increase in reported earnings was primarily the result of a $30.0 million, or $0.91 per diluted share, non-cash goodwill impairment in the North American Cabinet Components segment during the second quarter of 2019. The increase in adjusted earnings was driven by lower selling, general and administrative expense.

Balance Sheet & Liquidity Update

As of April 30, 2020, Quanex’s leverage ratio of Net Debt to LTM Adjusted EBITDA was unchanged at 1.4x. (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

The Company’s liquidity was $189.3 million as of April 30, 2020, consisting of $80.2 million in cash on hand plus availability under its Senior Secured Revolving Credit Facility due 2023, less letters of credit outstanding.

Share Repurchases

Quanex’s Board of Directors authorized a $60 million share repurchase program in September of 2018. Repurchases under this program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors. The program does not have an expiration date or a limit on the number of shares that may be repurchased. The Company repurchased 149,937 shares of common stock for approximately $2.1 million at an average price of $13.70 per share during the three months ended April 30, 2020. As of April 30, 2020, approximately $11.7 million remained under the existing share repurchase authorization.

Recent Events

Quanex’s Board of Directors declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, payable June 30, 2020, to shareholders of record on June 15, 2020.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, June 5, 2020, at 11:00 a.m. ET (10:00 a.m. CT). To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 4662437, and ask for the Quanex call a few minutes prior to the start time. A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events. A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through June 12, 2020. To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 4662437.

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry. Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components. For more information contact Scott Zuehlke, Senior Vice President, Chief Financial Officer & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges, asset impairment charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, certain severance charges, gain/loss on the sale of certain fixed assets, restructuring charges and asset impairment charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making. The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage. In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement. Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures. Free Cash Flow is measured before application of certain contractual commitments (including capital lease obligations), and accordingly is not a true measure of Quanex’s residual cash flow available for discretionary expenditures. The Company believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding Quanex’s financial performance when comparing results to other investment opportunities. The presented non-GAAP measures may not be the same as those used by other companies. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP.

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the following: impacts from public health issues (including pandemics, such as the recent COVID-19 pandemic) on the economy and the demand for Quanex’s products, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release. The statements and guidance set forth in this release are based on current expectations. Actual results or events may differ materially from this release. For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and the Company’s Quarterly Reports on Form 10-Q under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)

	Three Months Ended April 30,						Six Months Ended April 30,
		2020			2019			2020			2019

Net sales	$	187,475		$	218,203		$	384,072		$	415,011
Cost of sales		149,732			171,378			307,159			329,935
Selling, general and administrative		16,713			23,722			40,845			51,748
Restructuring charges		251			84			404			187
Depreciation and amortization		11,886			12,404			24,791			24,976
Asset impairment charges		-			29,978			-			29,978
Operating income (loss)		8,893			(19,363	)		10,873			(21,813	)
Interest expense		(1,563	)		(2,602	)		(3,145	)		(5,044	)
Other, net		300			(54	)		336			202
Income (loss) before income taxes		7,630			(22,019	)		8,064			(26,655	)
Income tax expense		(2,129	)		(1,955	)		(2,553	)		(968	)
Net income (loss)	$	5,501		$	(23,974	)	$	5,511		$	(27,623	)

Earnings (loss) per common share, basic	$	0.17		$	(0.73	)	$	0.17		$	(0.84	)
Earnings (loss) per common share, diluted	$	0.17		$	(0.73	)	$	0.17		$	(0.84	)

Weighted average common shares outstanding:
Basic		32,676			32,951			32,770			33,026
Diluted		32,793			32,951			32,907			33,026

Cash dividends per share	$	0.08		$	0.08		$	0.16		$	0.16

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	April 30, 2020			October 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	80,252		$	30,868
Accounts receivable, net		66,892			82,946
Inventories, net		75,072			67,159
Prepaid and other current assets		9,602			9,353
Total current assets		231,818			190,326
Property, plant and equipment, net		187,482			193,600
Operating lease right-of-use assets		41,763			-
Goodwill		143,870			145,563
Intangible assets, net		98,905			107,297
Other assets		9,047			8,324
Total assets	$	712,885		$	645,110

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	42,227		$	63,604
Accrued liabilities		27,396			39,221
Income taxes payable		2,066			6,183
Current maturities of long-term debt		666			746
Current operating lease liabilities		6,687			-
Total current liabilities		79,042			109,754
Long-term debt		229,697			156,414
Noncurrent operating lease liabilities		35,551			-
Deferred pension and postretirement benefits		11,364			13,322
Deferred income taxes		20,926			19,363
Other liabilities		12,348			16,070
Total liabilities		388,928			314,923
Stockholders’ equity:
Common stock		373			374
Additional paid-in-capital		252,717			254,673
Retained earnings		185,779			185,703
Accumulated other comprehensive loss		(36,163	)		(33,817	)
Treasury stock at cost		(78,749	)		(76,746	)
Total stockholders’ equity		323,957			330,187
Total liabilities and stockholders' equity	$	712,885		$	645,110

QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

	Six Months Ended April 30,
		2020			2019
Operating activities:
Net income (loss)	$	5,511		$	(27,623	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		24,791			24,976
Stock-based compensation		86			1,043
Deferred income tax		1,194			(1,256	)
Asset impairment charge		-			29,978
Other, net		463			1,078
Changes in assets and liabilities:
Decrease in accounts receivable		14,682			3,479
Increase in inventory		(8,363	)		(15,522	)
Increase in other current assets		(559	)		(681	)
Decrease in accounts payable		(16,807	)		(2,617	)
Decrease in accrued liabilities		(13,673	)		(14,716	)
(Decrease) increase in income taxes payable		(4,052	)		183
Increase in deferred pension and postretirement benefits		562			1,567
Decrease in other long-term liabilities		(787	)		(131	)
Other, net		(576	)		385
Cash provided by operating activities		2,472			143
Investing activities:
Capital expenditures		(16,313	)		(13,022	)
Proceeds from disposition of capital assets		33			298
Cash used for investing activities		(16,280	)		(12,724	)
Financing activities:
Borrowings under credit facilities		114,500			57,500
Repayments of credit facility borrowings		(41,000	)		(42,500	)
Repayments of other long-term debt		(505	)		(784	)
Common stock dividends paid		(5,287	)		(5,335	)
Issuance of common stock		2,954			27
Payroll tax paid to settle shares forfeited upon vesting of stock		(454	)		(322	)
Purchase of treasury stock		(6,693	)		(4,702	)
Cash provided by financing activities		63,515			3,884
Effect of exchange rate changes on cash and cash equivalents		(323	)		(44	)
Increase (decrease) in cash and cash equivalents		49,384			(8,741	)
Cash and cash equivalents at beginning of period		30,868			29,003
Cash and cash equivalents at end of period	$	80,252		$	20,262

QUANEX BUILDING PRODUCTS CORPORATION
FREE CASH FLOW RECONCILIATION
(In thousands)
(Unaudited)

The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure. The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.

	Three Months Ended April 30,				Six Months Ended April 30,
		2020		2019		2020		2019
Cash provided by operating activities	$6,129		$20,386		$2,472		$143
Capital expenditures		(7,001)		(6,751)		(16,313)		(13,022)
Free Cash Flow	($872)		$13,635		($13,841)		($12,879)

QUANEX BUILDING PRODUCTS CORPORATION
NON-GAAP FINANCIAL MEASURE DISCLOSURE
(In thousands, except per share data)
(Unaudited)


	Three Months Ended							Three Months Ended							Six Months Ended							Six Months Ended
Reconciliation of Adjusted Net Income and Adjusted EPS	April 30, 2020							April 30, 2019							April 30, 2020							April 30, 2019
	Net Income			Diluted EPS				Net (Loss) Income			Diluted EPS				Net Income			Diluted EPS				Net (Loss) Income			Diluted EPS
Net income (loss) as reported	$	5,501		$	0.17			$	(23,974	)	$	(0.73	)		$	5,511		$	0.17			$	(27,623	)	$	(0.84	)
Reconciling items from below		890			0.02				30,250			0.92				2,106			0.06				31,584			0.96
Adjusted net income and adjusted EPS	$	6,391		$	0.19			$	6,276		$	0.19			$	7,617		$	0.23			$	3,961		$	0.12

Reconciliation of Adjusted EBITDA	Three Months Ended April 30, 2020							Three Months Ended April 30, 2019							Six Months Ended April 30, 2020							Six Months Ended April 30, 2019
	Reconciliation							Reconciliation							Reconciliation							Reconciliation
Net income (loss) as reported	$	5,501						$	(23,974	)					$	5,511						$	(27,623	)
Income tax expense		2,129							1,955							2,553							968
Other, net		(300	)						54							(336	)						(202	)
Interest expense		1,563							2,602							3,145							5,044
Depreciation and amortization		11,886							12,404							24,791							24,976
EBITDA		20,779							(6,959	)						35,664							3,163
Reconciling items from below		1,031							30,311							1,802							32,282
Adjusted EBITDA	$	21,810						$	23,352						$	37,466						$	35,445

Reconciling Items	Three Months Ended April 30, 2020							Three Months Ended April 30, 2019							Six Months Ended April 30, 2020							Six Months Ended April 30, 2019
	Income Statement			Reconciling Items				Income Statement			Reconciling Items				Income Statement			Reconciling Items				Income Statement			Reconciling Items
Net sales	$	187,475		$	-			$	218,203		$	-			$	384,072		$	-			$	415,011		$	-
Cost of sales		149,732			-				171,378			-				307,159			-				329,935			-
Selling, general and administrative		16,713			(780	)	(1)		23,722			(249	)	(1)		40,845			(1,398	)	(1)		51,748			(2,117	)	(1)
Restructuring charges		251			(251	)	(2)		84			(84	)	(2)		404			(404	)	(2)		187			(187	)	(2)
Asset impairment charges		-			-				29,978			(29,978	)	(3)		-			-				29,978			(29,978	)	(3)
EBITDA		20,779			1,031				(6,959	)		30,311				35,664			1,802				3,163			32,282
Depreciation and amortization		11,886			(237	)	(4)		12,404			-				24,791			(968	)	(4)		24,976			-
Operating income (loss)		8,893			1,268				(19,363	)		30,311				10,873			2,770				(21,813	)		32,282
Interest expense		(1,563	)		-				(2,602	)		-				(3,145	)		-				(5,044	)		-
Other, net		300			(128	)	(5)		(54	)		24		(5)		336			(68	)	(5)		202			45		(5)
Income (loss) before income taxes		7,630			1,140				(22,019	)		30,335				8,064			2,702				(26,655	)		32,327
Income tax expense		(2,129	)		(250	)	(6)		(1,955	)		(85	)	(6)		(2,553	)		(596	)	(6)		(968	)		(743	)	(6)
Net income (loss)	$	5,501		$	890			$	(23,974	)	$	30,250			$	5,511		$	2,106			$	(27,623	)	$	31,584

Diluted earnings (loss) per share	$	0.17						$	(0.73	)					$	0.17						$	(0.84	)

(1) Transaction and advisory fees, $0.8 million and $1.3 million related to executive severance charges in the three and six months ended 2020, respectively, and $1.2 million of severance charges related to a reorganization in the six months ended 2019.
(2) Restructuring charges relate to the closure of manufacturing plant facilities.
(3) Asset impairment charges relate to goodwill impairment in the North American Cabinet Components segment.
(4) Accelerated depreciation related to the closure of a North American Cabinet Components plant.
(5) Foreign currency transaction (gains) losses.
(6) Impact on a with and without basis.

QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)

This table provides gross margin, operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment. Non-operating expense and income tax expense are not allocated to the reportable segments.
	NA Fenestration		EU Fenestration		NA Cabinet Components			Unallocated Corp & Other			Total
Three months ended April 30, 2020
Net sales	$	108,593	$	29,200	$	50,664		$	(982	)	$	187,475
Cost of sales		85,153		20,966		44,198			(585	)		149,732
Gross Margin		23,440		8,234		6,466			(397	)		37,743
Gross Margin %		21.6%		28.2%		12.8%						20.1%
Selling, general and administrative		9,985		5,292		3,981			(2,545	)		16,713
Restructuring charges		66		-		185			-			251
Depreciation and amortization		5,961		2,330		3,474			121			11,886
Operating income (loss)		7,428		612		(1,174	)		2,027			8,893
Depreciation and amortization		5,961		2,330		3,474			121			11,886
EBITDA		13,389		2,942		2,300			2,148			20,779
Executive severance charges		-		-		-			780			780
Restructuring charges		66		-		185			-			251
Adjusted EBITDA	$	13,455	$	2,942	$	2,485		$	2,928		$	21,810
Adjusted EBITDA Margin %		12.4%		10.1%		4.9%						11.6%

Three months ended April 30, 2019
Net sales	$	115,346	$	41,623	$	62,836		$	(1,602	)	$	218,203
Cost of sales		90,031		28,906		53,699			(1,258	)		171,378
Gross Margin		25,315		12,717		9,137			(344	)		46,825
Gross Margin %		21.9%		30.6%		14.5%						21.5%
Selling, general and administrative		12,213		5,696		4,505			1,308			23,722
Restructuring charges		84		-		-			-			84
Depreciation and amortization		6,758		2,219		3,305			122			12,404
Asset impairment charges		-		-		29,978			-			29,978
Operating income (loss)		6,260		4,802		(28,651	)		(1,774	)		(19,363	)
Depreciation and amortization		6,758		2,219		3,305			122			12,404
EBITDA		13,018		7,021		(25,346	)		(1,652	)		(6,959	)
Asset impairment charges		-		-		29,978			-			29,978
Transaction and advisory fees		-		-		-			249			249
Restructuring charges		84		-		-			-			84
Adjusted EBITDA	$	13,102	$	7,021	$	4,632		$	(1,403	)	$	23,352
Adjusted EBITDA Margin %		11.4%		16.9%		7.4%						10.7%

Six months ended April 30, 2020
Net sales	$	219,045	$	65,966	$	100,708		$	(1,647	)	$	384,072
Cost of sales		173,850		46,210		88,040			(941	)		307,159
Gross Margin		45,195		19,756		12,668			(706	)		76,913
Gross Margin %		20.6%		29.9%		12.6%						20.0%
Selling, general and administrative		23,040		11,242		8,834			(2,271	)		40,845
Restructuring charges		157		-		247			-			404
Depreciation and amortization		12,940		4,738		6,875			238			24,791
Operating income (loss)		9,058		3,776		(3,288	)		1,327			10,873
Depreciation and amortization		12,940		4,738		6,875			238			24,791
EBITDA		21,998		8,514		3,587			1,565			35,664
Transaction and advisory fees		-		-		-			55			55
Executive severance charges		-		-		-			1,343			1,343
Restructuring charges		157		-		247			-			404
Adjusted EBITDA	$	22,155	$	8,514	$	3,834		$	2,963		$	37,466
Adjusted EBITDA Margin %		10.1%		12.9%		3.8%						9.8%

Six months ended April 30, 2019
Net sales	$	224,395	$	76,877	$	116,688		$	(2,949	)	$	415,011
Cost of sales		177,184		53,431		101,555			(2,235	)		329,935
Gross Margin		47,211		23,446		15,133			(714	)		85,076
Gross Margin %		21.0%		30.5%		13.0%						20.5%
Selling, general and administrative		25,290		11,406		9,430			5,622			51,748
Restructuring charges		187		-		-			-			187
Depreciation and amortization		13,630		4,456		6,644			246			24,976
Asset impairment charges		-		-		29,978			-			29,978
Operating income (loss)		8,104		7,584		(30,919	)		(6,582	)		(21,813	)
Depreciation and amortization		13,630		4,456		6,644			246			24,976
EBITDA		21,734		12,040		(24,275	)		(6,336	)		3,163
Asset impairment charges		-		-		29,978			-			29,978
Transaction and advisory fees		-		-		-			967			967
Severance related to reorganization		-		-		-			1,150			1,150
Restructuring charges		187		-		-			-			187
Adjusted EBITDA	$	21,921	$	12,040	$	5,703		$	(4,219	)	$	35,445
Adjusted EBITDA Margin %		9.8%		15.7%		4.9%						8.5%

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)

		Three Months Ended						Six Months Ended
		April 30, 2020			April 30, 2019			April 30, 2020			April 30, 2019

NA Fenestration:
	United States - fenestration	$	95,791		$	99,144		$	192,638		$	193,029
	International - fenestration		6,153			8,096			12,587			16,302
	United States - non-fenestration		4,372			4,803			8,935			8,308
	International - non-fenestration		2,277			3,303			4,885			6,756
		$	108,593		$	115,346		$	219,045		$	224,395
EU Fenestration ⁽¹⁾:
	International - fenestration	$	24,865		$	34,973		$	55,829		$	65,696
	International - non-fenestration		4,335			6,650			10,137			11,181
		$	29,200		$	41,623		$	65,966		$	76,877
NA Cabinet Components:
	United States - fenestration	$	2,647		$	2,997		$	5,795		$	6,349
	United States - non-fenestration		47,540			59,220			93,989			109,181
	International - non-fenestration		477			619			924			1,158
		$	50,664		$	62,836		$	100,708		$	116,688
Unallocated Corporate & Other:
	Eliminations	$	(982	)	$	(1,602	)	$	(1,647	)	$	(2,949	)
		$	(982	)	$	(1,602	)	$	(1,647	)	$	(2,949	)

Net Sales		$	187,475		$	218,203		$	384,072		$	415,011

(1) Reflects reduction of $1.5 million and $1.2 million in revenue associated with foreign currency exchange rate impacts for the three and six months ended April 30, 2020, respectively.

Source: Quanex Building Products Corporation

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News Release Details

Quanex Building Products Announces Second Quarter 2020 Results